You will likely need a credit score of at least 660 for a $15,000 personal loan. Most lenders that offer personal loans of $15,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments. Other common loan requirements include being at least 18 years old; being a U.S. citizen, permanent resident or visa holder; and having a valid bank account.
Credit Score Required by Lenders That Offer $15,000 Personal Loans
| Lender | Loan Range | Credit Score Required |
| Citizens Bank | $5,000 - $15,000 | 680 |
| Citibank | $2,000 - $30,000 | 680 |
| SoFi | $5,000 - $100,000 | 680 |
| Discover | $2,500 - $40,000 | 660 |
| Citizens One | $5,000 - $15,000 | 680 |
Lenders tend to have large loan ranges, and their minimum requirements for approval (credit score, income and other factors) will determine whether you can get at least the lowest loan amount. But the higher your credit score and income are, the greater the amount you're likely to qualify for.
Even if your credit score is 660, you won't necessarily be approved for a $15,000 loan. Your chances of approval do get better the higher your score is above the minimum requirement, though. The best way to see your odds of approval and what rates may be available to you is to add your desired loan amount to WalletHub's free pre-qualification tool. This tool won't hurt your credit score.
This answer was first published on 10/17/21. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
Requirements for a $15,000 Personal Loan
What is the monthly payment on a $15,000 personal loan? ›
The monthly payment on a $15,000 loan ranges from $205 to $1,504, depending on the APR and how long the loan lasts. For example, if you take out a $15,000 loan for one year with an APR of 36%, your monthly payment will be $1,504.
Can I get a $20,000 loan with 650 credit score? ›
What credit score do you need for a $20,000 loan? The credit score needed for a $20,000 loan varies by lender. Generally, you'll need a good to excellent credit score — 670 or higher — to qualify for a $20,000 loan.
What is the minimum credit score for a personal loan? ›
To qualify for a personal loan, borrowers generally need a minimum credit score of at least 580 — though certain lenders have even lower requirements than that. However, your chances of getting a low interest personal loan rate are much higher if you have a “very good” or “excellent” credit score of 740 and above.
How much can I borrow with a 580 credit score? ›
You can borrow anywhere from a few thousand dollars to $100,000+ with a 580 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
How hard is it to get a 15k personal loan? ›
Many lenders have a minimum income level and credit score they will work with, as individuals who are more financially savvy tend to stay caught up on their loans. In many cases, you'll need a good credit score of 670 or above to apply.
How much would I pay back on a $15,000 loan? ›
Representative example
| Loan amount £15,000 | Monthly repayments £289.54 | Length of agreement 60 months |
| Total amount repayable £17,372.40 | Representative 6.1% APR | Fixed Annual Rate of Interest (nominal) 5.9358% |
1 more rowGenerally, you need a good to excellent credit score of 670 or above to qualify for a $10,000 loan. However, some lenders specialize in working with borrowers with fair or poor credit.
What credit score do I need to get a $25,000 loan? ›
Typically, a desirable credit score for a $25,000 personal loan is around 670 and above, but some lenders work with those who have scores from 580 and up.
What credit score do banks use for personal loans? ›
The typical minimum credit score needed to qualify for a personal loan is from 560 to 660, according to lenders surveyed by NerdWallet, but credit score requirements for personal loans vary across lenders and some may require a higher score.
What is the easiest loan to get approved for? The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.
How long does it take to get from a 580 credit score to a 700? ›
How long does it take for your credit score to go up?
| Event | Average credit score recovery time |
|---|
| Missed/defaulted payment | 18 months |
| Late mortgage payment (30 to 90 days) | 9 months |
| Closing credit card account | 3 months |
| Maxed credit card account | 3 months |
3 more rowsJul 27, 2023
How Can I Get a Loan If No One Will Approve Me? Specialist lenders offer bad credit loans with more flexible approval criteria. Provide a larger deposit, use a guarantor, or secure the loan against an asset. Shop around and compare lenders.
How long would it take to pay $15000? ›
It will take 32 months to pay off $15,000 with payments of $600 per month, assuming the average credit card APR of around 18%. The time it takes to repay a balance depends on how often you make payments, how big your payments are and what the interest rate charged by the lender is.
What is the monthly payment on a $150 000 loan? ›
A $150,000 30-year mortgage with a 6% interest rate comes with about an $899 monthly payment. The exact costs will depend on your loan's term and other details.
What is the average monthly payment on a $10000 personal loan? ›
Monthly Payments on a $10,000 Personal Loan
| Payoff period | APR | Monthly payment |
|---|
| 1 year | 15% | $903 |
| 2 years | 15% | $485 |
| 3 years | 15% | $437 |
| 4 years | 15% | $278 |
3 more rowsAug 31, 2021
£400 per month
| Term | 2.5% | 4% |
|---|
| 15 years | £55,000 | £50,000 |
| 20 years | £65,000 | £57,000 |
| 30 years | £79,000 | £67,000 |
Apr 17, 2024
